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Which one of the following is NOT a core labour standard?
Perfect Competition
A market structure characterized by a large number of small firms, homogenous products, free entry and exit, and perfect information, leading to firms being price takers.
Marginal Cost
The expense incurred from manufacturing an additional unit of a product.
Marginal Revenue
The increment in revenue resulting from the sale of an additional unit of output in a market.
Marginal Cost
The budget allocation for the production of an additional unit of a product or service.
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